New Delhi, November 17, 2025 — On the final day of bidding for Fujiyama Power Systems’ ₹828‑crore IPO, demand accelerated sharply in the afternoon after a slow start. As of 3:54 pm IST, exchange data cited by Upstox showed the issue subscribed 2.01x overall, led by QIBs at ~5.15x, while retail and NII portions were ~0.78x and ~0.80x, respectively. Earlier through the day, multiple trackers had reported a far more muted run‑rate, underscoring a familiar late‑day surge from institutions. Meanwhile, the grey market premium (GMP) stays at ₹0, implying no unofficial listing premium over the upper end of the price band. [1]
What changed today (Nov 17)
- Morning → noon: At 11:18 am, Groww pegged total subscription around 0.50x (QIB 0.81x; Retail 0.44x). By 12:35 pm, Mint’s mid‑session update showed 0.68x overall (QIB 1.32x; Retail 0.51x; NII 0.25x). [2]
- Early afternoon: Around 1:30 pm, Financial Express reported 0.85x overall, with Retail 0.58x and QIB 1.74x; at 2:23 pm, Business Standard still had the book at ~0.84x. [3]
- Late afternoon kick: By 3:54 pm, Upstox (quoting NSE) said 2.01x overall as QIB bids jumped to ~5.15x. Mint’s live blog also flagged the issue as “~2x” booked late in the session, though final exchange totals will reflect post‑close reconciliations. [4]
Bottom line: A classic “back‑ended” QIB rush transformed midday under‑subscription into afternoon oversubscription, even as retail demand remained below full coverage at last check. [5]
GMP today: still flat
Across trackers, the GMP is at ₹0, with unlisted shares hovering around ₹228—i.e., no premium to the upper band. GMP is unofficial and can change, but as of today it does not signal listing gains. [6]
IPO at a glance
- Issue size:₹828 crore (Fresh issue ₹600 crore + OFS ₹228 crore). [7]
- Price band & lot:₹216–₹228 per share; 65 shares per lot (min investment ₹14,040–₹14,820 depending on price selection; “cut‑off” implies ₹14,820). [8]
- Investor reservation: Up to 50% QIB, at least 15% NII, at least 35% retail; employee quota up to ₹5 crore. [9]
- Timeline: Bidding Nov 13–17; basis of allotment likely Nov 18; tentative listing Nov 20 on BSE & NSE. (Check exchange/registrar for final confirmation.) [10]
What the company does
Fujiyama Power Systems is a rooftop‑solar and power‑backup player selling panels, inverters (on‑grid/off‑grid/hybrid) and lead‑acid/Li‑ion batteries. It markets under ‘Fujiyama Solar’ and ‘UTL Solar’, with a broad SKU catalog and national distribution footprint. [11]
Manufacturing & R&D: The company highlights four facilities today and strong in‑house R&D; expansion plans include capacity additions (including a Ratlam plant funded from the IPO). [12]
Use of proceeds
Per disclosures and coverage: ~₹180 crore to set up the Ratlam, Madhya Pradesh facility; ~₹275 crore towards debt prepayment/repayment; balance for general corporate purposes. [13]
Anchor book & lead managers
Ahead of the offer, the company raised ₹246.9 crore from 15 anchor investors on Nov 12. Motilal Oswal Investment Advisors and SBI Capital Markets are the book‑running lead managers; MUFG Intime India is the registrar. [14]
Street views (today)
- Anand Rathi:‘Subscribe – Long Term’, noting the issue appears fully priced but backed by secular rooftop‑solar tailwinds and distribution breadth. [15]
- Mint’s brokerage roundup: Similar long‑term‑biased opinions appear in today’s coverage, but with repeated emphasis that valuations are not cheap and execution on capacity expansion is key. [16]
Valuation context & key risks
Independent reviews peg the stock at ~45x FY25 P/E (upper band), with an annualised P/E near ~25–26x—lower on forward metrics, but not a bargain versus domestic solar peers. ROE and growth are strong, yet debt and pricing pressure in panels temper the case. [17]
Concentration & supply risk: INDmoney flags ~42% of retail sales from Uttar Pradesh and heavy import dependence (notably from China) for inputs—both are material risk factors if policy, currency or supply chains turn adverse. [18]
Should you apply?
- Momentum vs. valuation: The late QIB‑driven oversubscription signals institutional comfort with the story, but retail/NII were under 1x by late afternoon. With GMP at ₹0, near‑term listing pop is uncertain; this looks more like a fundamentals‑and‑execution bet than a quick‑flip trade. [19]
- What to watch next: Final subscription mix after close (especially QIBs), anchor quality disclosures, and post‑listing margin trajectory as panel/inverter pricing remains under pressure. [20]
This article is for information only, not investment advice. Invest only after reading the RHP and consulting a professional.
How to check your allotment (once finalized)
- Registrar (MUFG Intime India): Use the IPO allotment page, select Fujiyama Power Systems, and enter PAN/Application/DP details to view status. [21]
- BSE status page: Choose Equity, select the issue name, and submit PAN or application number. [22]
Quick reference: key offer terms
- Price band: ₹216–₹228 | Lot: 65 shares | Min investment: ₹14,040–₹14,820 | Issue size: ₹828 crore (Fresh ₹600 cr + OFS ₹228 cr) | Listing: BSE & NSE (tentative Nov 20) | Lead managers: Motilal Oswal, SBI Capital | Registrar: MUFG Intime India. [23]
Sources used today (Nov 17, 2025)
- Live Mint (Day 3 live & midday recap) for subscription snapshots and GMP today, plus timeline and key dates. [24]
- Upstox (3:54 pm) for the latest near‑close subscription mix (overall 2.01x; QIB ~5.15x). [25]
- Financial Express (1:30 pm) and Business Standard (2:23 pm) for midday subscription reads and GMP (flat). [26]
- Groww (11:18 am) for early Day‑3 run‑rate. [27]
- INDmoney review for business model, growth/ROE, and key risks. [28]
FAQ
What is Fujiyama Power Systems’ IPO price band and lot size?
₹216–₹228 per share; 65 shares per lot. [29]
What is the GMP today?
₹0 (flat), indicating no implied premium to the upper band. [30]
When will allotment be finalized and when is listing?
Tentatively Nov 18 (allotment) and Nov 20 (listing) — confirm with registrar/exchanges. [31]
Who are the intermediaries?
BRLMs: Motilal Oswal Investment Advisors and SBI Capital Markets; Registrar: MUFG Intime India. [32]
What are the headline risks?
High import dependence, regional sales concentration, and pricing pressure in solar hardware; valuations are not cheap on trailing metrics. [33]
Editor’s note: Final subscription totals and category‑wise splits will be confirmed after the exchange posts end‑of‑day figures.
References
1. upstox.com, 2. groww.in, 3. www.financialexpress.com, 4. upstox.com, 5. upstox.com, 6. www.livemint.com, 7. www.livemint.com, 8. www.business-standard.com, 9. www.livemint.com, 10. www.livemint.com, 11. upstox.com, 12. www.livemint.com, 13. www.business-standard.com, 14. www.livemint.com, 15. www.business-standard.com, 16. www.livemint.com, 17. www.indmoney.com, 18. www.indmoney.com, 19. upstox.com, 20. www.business-standard.com, 21. upstox.com, 22. www.bseindia.com, 23. www.business-standard.com, 24. www.livemint.com, 25. upstox.com, 26. www.financialexpress.com, 27. groww.in, 28. www.indmoney.com, 29. www.business-standard.com, 30. www.livemint.com, 31. www.livemint.com, 32. www.business-standard.com, 33. www.indmoney.com
